California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

The nation’s international trade deficit in goods and services decreased to
$42.8 billion in July from $49.8 billion (revised) in June, as imports
decreased and exports increased according to the U.S. Dept. of Commerce.

Nationally, exports increased to $153.3 billion up from $150.5 billion in
June and from $152.4 billion in May. July’s exports were the highest since
August 2008 ($162.9 billion).

“The trade numbers beat expectations, hopefully that will drive confidence
and will help the California economy and our international gateway trade and
goods movement strategy as we head into the all important fourth quarter of
the year.”  stated Michael Faust, president and CEO of the Northern California
World Trade Center.

In California, overall trade rose to nearly $162 billion while exports increased
to $80.3 billion for the year.

Unfortunately, California exports were $11.8 billion for July, down from $12.24
billion in June and $11.94 billion in May.  However, so far this year, California
remained neck and neck with Texas for the largest state for international trade
activity at nearly $162 billion.  To date, through 2010 California accounted for
11 percent of the nation’s exports second only to Texas.

I am Tim Johnson and this has been the California Business Minute.